Startup & fundraising
Cap Table
Formula reviewed by Tahir Asif, CMA
A record of who owns what in a company: founders, investors, convertible holders and the option pool, by shares and percentage.
A capitalization table lists every holder of shares, options and convertible instruments, with the number of shares and the percentage of the company each represents. Investors and founders usually read it on a fully diluted basis, which counts options and convertible securities as if they were shares.
A cap table changes at every financing: SAFEs convert, an option pool is created or topped up, and new investors receive shares. Modeling the sequence shows how much each holder keeps after each round.
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